SAN ANSELMO, Calif.-Financial cyber-security is growing into a major concern for bank customers and credit union members.
In a national study on banking services conducted by Market Rates Insight, identity theft protection ranked first as a desired banking service by 82.3% of respondents, and credit score reports ranked second by 73.75 of respondents.
The heightened concern for financial cyber security is prompting banks and credit unions to start offering these desired services either as stand alone products or by bundling these two services with checking accounts into a "security package," according to Market Rates Insight. It said its study also shows a very high and significant correlation between these two services, which indicate that customers prefer to have identity theft alerts and credit score reports bundled together into one package offered by their financial institution.
The Market Rates Insight consumer study consisted of 1,500 current bank customers and credit union members, and was conducted in April of this year.
"Offering cyber-security type of services and packages is a win/win scenario for consumers and financial institutions." said EVP Dan Geller. "Consumers want these services because cyber crime is on the rise along with the popularity of online and mobile transactions and financial institutions can use the added revenues from service fees in times of very slim interest income."